Services sector | The Guardianhttp://www.theguardian.com/business/services-sector
Latest news and features from theguardian.com, the world's leading liberal voiceen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015Tue, 03 Mar 2015 20:24:41 GMT2015-03-03T20:24:41Zen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015The Guardianhttp://assets.guim.co.uk/images/guardian-logo-rss.c45beb1bafa34b347ac333af2e6fe23f.pnghttp://www.theguardian.com
UK services sector makes strong start to 2015http://www.theguardian.com/business/2015/feb/04/uk-services-sector-2015-strong-start-oil-price
January marked the 25th successive month of growth for the dominant services sector, as companies benefited from the slide in the oil prices<p>Britain’s all-important services sector got a major boost from the oil price slump in January with business costs increasing at the slowest pace in five-and-a-half years.</p><p>Companies reported a strong start to 2015 with the sector growing faster than expected last month according to the Markit/CIPS PMI survey. New business came through the door at an increased rate compared with December and jobs were created at the fastest pace in six months.</p> <a href="http://www.theguardian.com/business/2015/feb/04/uk-services-sector-2015-strong-start-oil-price">Continue reading...</a>Services sectorOilBusinessEconomic growth (GDP)UK newsWed, 04 Feb 2015 11:21:10 GMThttp://www.theguardian.com/business/2015/feb/04/uk-services-sector-2015-strong-start-oil-pricePhotograph: /AlamyThe services sector accounts for about three quarters of the UK economy, and includes hotels, bars, restaurants, hairdressers, IT and transport. Photograph: AlamyPhotograph: /AlamyThe services sector accounts for about three quarters of the UK economy, and includes hotels, bars, restaurants, hairdressers, IT and transport. Photograph: AlamyAngela Monaghan2015-02-04T11:21:10ZEconomy slows down as election nears – not what George Osborne wantedhttp://www.theguardian.com/business/2015/jan/27/uk-economy-slows-as-election-nears
Reasons to be cheerful for UK GDP in 2015 depend on extraordinary factors such as a plunging oil price and rockbottom interest rates and inflation<p>A slowing economy is the last thing a chancellor needs going into an election. But that is <a href="http://www.theguardian.com/business/2015/jan/27/uk-gdp-slows-final-quarter" title="">what the latest figures </a> mean for George Osborne.</p><p>A slip from 0.7% growth in the third quarter to 0.5% in the final three months of 2014 matters when the cracks are appearing in a manufacturing sector that is stagnating and a construction industry going into reverse.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/jan/27/uk-gdp-slows-final-quarter">UK GDP slows in final quarter but annual pace is fastest since 2007</a> </p> <a href="http://www.theguardian.com/business/2015/jan/27/uk-economy-slows-as-election-nears">Continue reading...</a>Economic growth (GDP)EconomicsBusinessEconomic policyPoliticsEconomic recoveryManufacturing sectorConstruction industryServices sectorInterest ratesInflationGeorge OsborneTue, 27 Jan 2015 18:04:00 GMThttp://www.theguardian.com/business/2015/jan/27/uk-economy-slows-as-election-nearsPhotograph: Ben Birchall/PADavid Cameron and George Osborne make cider in Somerset. With UK GDP now slowing, perhaps more apples are needed?Photograph: Ben Birchall/PADavid Cameron and George Osborne make cider in Somerset. With UK GDP now slowing, perhaps more apples are needed?Phillip Inman, economics correspondent2015-01-27T18:04:00ZSlowdown in UK GDP: what the economists sayhttp://www.theguardian.com/business/2015/jan/27/slowdown-in-uk-gdp-what-the-economists-say
<p>The UK economy enjoyed its strongest annual GDP growth for seven years in 2014 but official figures show it ran out of steam in the last three months of the year, expanding by a weaker-than-expected 0.5%. Here is what the experts say<br></p><p>The UK economy grew by 2.6% in 2014, the fastest growth since 2007 before the global financial crisis struck. But official figures showed growth slowed in the final three months of the year, with GDP up a quarterly 0.5%, below the forecast 0.6% growth and down from 0.7% in third quarter.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/jan/27/uk-gdp-slows-final-quarter">UK GDP slows in final quarter but annual pace is fastest since 2007</a> </p><p>The fourth quarter rounds off what has been an impressive year of growth for the UK economy, with the 2.6% annual rise in GDP looking likely to have been the largest amongst the G7 economies. Admittedly, growth has partly been driven by some unsustainable stimuli, including consumers saving less and a modest loosening of fiscal policy. And the UK’s general election, which looks likely to lead to a hung parliament, could foster a period of political uncertainty that dampens investment and confidence. Nonetheless, with the recent halving of oil prices providing a timely boost to households’ discretionary spending power, credit still becoming cheaper and pay growth on an improving trend, we think that GDP growth could pick up to 3% this year. In short, the best days of the UK’s recovery may still lie ahead.</p><p> Despite growth losing some momentum in the latter months of 2014, we are largely upbeat about growth prospects for 2015 and expect GDP to expand 2.7% – although any sustained political uncertainty would pose a significant downside risk ... <br /></p><p>However, there is the very real risk that growth could take a significant hit in 2015 from heightened political uncertainty in the run-up to May’s general election weighing down on business confidence and investment. This would be magnified if there is further marked political uncertainty following the election. </p><p><a href="https://twitter.com/hashtag/GDP?src=hash">#GDP</a> grew 0.5% in Q4, driven by services (+0.8%) <a href="http://t.co/pz1aEY0txf">http://t.co/pz1aEY0txf</a> <a href="http://t.co/yvCjJWcyJQ">pic.twitter.com/yvCjJWcyJQ</a></p><p>The UK economy is still advancing at a steady pace, having sustained strong growth since the beginning of 2013.</p><p>Today’s figures confirm that growth slowed slightly compared with the previous quarter. Service sector growth remains robust, but manufacturing continues to struggle with weaker export orders, and construction output has fallen in the last three months.</p><p>Despite continued uncertainties in the euro area and May’s general election at home, prospects for the UK economy remain good. Easy credit conditions, collapsing oil prices and rising earnings mean that 2015 will be a good year for UK consumers. Having posted one of the strongest growth rates of the big industrialised nations in 2014, the UK should see good growth through 2015.</p><p>While the economy was still expanding at a decent pace at the end of last year, it was not across all sectors and not quite as fast as most forecasts were expecting. The UK has an enviable performance compared with most other developed economies, but there was some notable weakening, not least in parts of manufacturing, through the second half of 2014. </p><p>With UK manufacturers entering 2015 in a more cautious mood, given some of the risks in the global outlook the next 100 days of election campaigning need to shed more light and certainty on the priorities for business growth, investment and job creation.</p><p>Based on preliminary estimates of GDP, which can be substantially revised at a later date, growth looks to have slowed a little in the second half of last year, but with the main business surveys still pointing towards economic expansion, there is little cause for alarm. The good news is that interest rates look set to remain on hold until at least the end of 2015.</p><p>There are lots of reasons to believe that growth could pick up again in a favourable environment of rising wages, low inflation and low interest rates, meaning the UK should enjoy another year of solid economic growth in 2015 ...</p><p>However, until exports pick up, growth is looking unbalanced, and once again all-too dependent upon the consumer ...</p><p>UK GDP rose 0.5% in Q4, exactly in line with the signal from the PMI surveys and the weakest since late-2012 <a href="http://t.co/y9Y8VOOBhU">pic.twitter.com/y9Y8VOOBhU</a></p> <a href="http://www.theguardian.com/business/2015/jan/27/slowdown-in-uk-gdp-what-the-economists-say">Continue reading...</a>Economic growth (GDP)EconomicsEconomic recoveryGeorge OsborneOffice for National StatisticsEconomic policyServices sectorManufacturing sectorConstruction industryTue, 27 Jan 2015 10:52:42 GMThttp://www.theguardian.com/business/2015/jan/27/slowdown-in-uk-gdp-what-the-economists-sayPhotograph: Paula Solloway / Alamy/AlamyThe UK economy slowed down in the final three months of 2014 with figures showing that the services sector, with businesses such as restaurants and hotels, continuing to drive growthPhotograph: Paula Solloway / Alamy/AlamyThe UK economy slowed down in the final three months of 2014 with figures showing that the services sector, with businesses such as restaurants and hotels, continuing to drive growthKatie Allen2015-01-27T10:52:42ZUK services sector growth slows in Decemberhttp://www.theguardian.com/business/2015/jan/06/uk-services-sector-growth-slows-december
News that the sector grew at its slowest pace for 19 months comes on top of construction and manufacturing slowdowns<p>Britain’s services sector slowed at the end of 2014, fanning fears that the economy is losing momentum.</p><p>The biggest part of the UK economy grew at its slowest pace for 19 months in December, according to a closely watched survey.</p> <a href="http://www.theguardian.com/business/2015/jan/06/uk-services-sector-growth-slows-december">Continue reading...</a>Services sectorEconomic growth (GDP)BusinessEconomicsUK newsTue, 06 Jan 2015 18:45:00 GMThttp://www.theguardian.com/business/2015/jan/06/uk-services-sector-growth-slows-decemberPhotograph: Bloomberg via Getty ImagesA waitress carries drinks at The Yew Tree pub in Great Horkesley, Essex.Photograph: Bloomberg via Getty ImagesA waitress carries drinks at The Yew Tree pub in Great Horkesley, Essex.Katie Allen and Angela Monaghan2015-01-06T18:45:00Z‘I asked for my nuts on a plate!’ Tell us about your customer service meltdowns you regret | Open threadhttp://www.theguardian.com/commentisfree/2014/dec/08/nuts-plate-customer-service-meltdown-korean-air
An airline boss has apparently ordered a flight attendant off the plane in a row over macadamia nuts. Tell us when you’ve lost your customer cool<p>The South Korean government is investigating an <a href="http://www.theguardian.com/world/2014/dec/08/korean-air-executive-nuts-cho-hyun-ah-flight-attendant" title="">air-rage incident that kicked off over a packet of nuts</a>. It has been reported that Cho Hyun-ah, vice-president of Korean Air and daughter of its chief executive, was so upset that her macadamia nuts were served in a paper bag, rather than on a plate, that she screamed at the unfortunate flight attendant. She then ordered the attendant to leave the plane, moments before it was due to take off.</p><p>It’s an extreme incident, but many of us will have had moments when some aspect of customer service has caused us to lose our cool. You’ve been kept on hold to a call centre for the best part of an hour, for instance, with the robotic voice intoning that you’re definitely next in the queue. Or you’ve spent 40 minutes lining up at the supermarket, only for the till to close. Or your food has turned up half an hour late, tepid, and there’s a hair floating in the soup.</p> <a href="http://www.theguardian.com/commentisfree/2014/dec/08/nuts-plate-customer-service-meltdown-korean-air">Continue reading...</a>Services sectorAir transportShops and shoppingWorld newsSouth KoreaAsia PacificBusinessLife and styleMon, 08 Dec 2014 16:35:58 GMThttp://www.theguardian.com/commentisfree/2014/dec/08/nuts-plate-customer-service-meltdown-korean-airPhotograph: Mark Winter/ Mark Winter/Demotix/CorbisTantrum mechanics: a supermaket queue goes round the bend on Black Friday. Photograph: Mark Winter/Demotix/CorbisPhotograph: Mark Winter/ Mark Winter/Demotix/CorbisTantrum mechanics: a supermaket queue goes round the bend on Black Friday. Photograph: Mark Winter/Demotix/CorbisOpen thread2014-12-08T16:35:58ZSurge in UK services sector calms fears of economic slowdownhttp://www.theguardian.com/business/2014/dec/03/surge-uk-service-sector-calms-fears-economic-slowdown
Firms report hiring more staff to cope with a rise in workloads as business grows much higher than City forecasts<p>Britain’s services sector grew at a faster-than-expected rate in November, easing fears of a slowing economic recovery in the UK.</p><p>Companies in the sector, which includes bars, restaurants and hairdressers, said they were hiring more people to cope with rising workloads, according to the Markit/CIPS services PMI survey.</p> <a href="http://www.theguardian.com/business/2014/dec/03/surge-uk-service-sector-calms-fears-economic-slowdown">Continue reading...</a>Services sectorEconomic growth (GDP)BusinessEconomic recoveryEconomicsEconomic policyPoliticsAutumn statement 2014UK newsWed, 03 Dec 2014 15:41:00 GMThttp://www.theguardian.com/business/2014/dec/03/surge-uk-service-sector-calms-fears-economic-slowdownPhotograph: Yui Mok/PAThe number of hospitality jobs has increased by almost a fifth in the past year, with salaries also rising, according to a new report.Photograph: Yui Mok/PAThe number of hospitality jobs has increased by almost a fifth in the past year, with salaries also rising, according to a new report.Angela Monaghan2014-12-03T15:41:00ZGDP: what the economists sayhttp://www.theguardian.com/business/2014/nov/26/uk-economists-give-verdicts-third-quarter-growth
Third-quarter growth was reliant on services and household spending, the data shows, while investment and exports fell. Economists give their verdicts<p>The UK economy grew by 0.7% in the third quarter, <a href="http://www.theguardian.com/business/2014/nov/26/uk-gdp-growth-fears-rebalance-economy-failing" title="">the Office for National Statistics confirmed in its second estimate of GDP</a>. However, a breakdown of the data showed the recovery remains reliant on services and household spending, while business investment and exports fell. Economists give their view.</p> <a href="http://www.theguardian.com/business/2014/nov/26/uk-economists-give-verdicts-third-quarter-growth">Continue reading...</a>Economic recoveryServices sectorEconomic growth (GDP)EconomicsBusinessUK newsWed, 26 Nov 2014 14:36:00 GMThttp://www.theguardian.com/business/2014/nov/26/uk-economists-give-verdicts-third-quarter-growthPhotograph: David Levene/GuardianCargo at Felixstowe, SuffolkPhotograph: David Levene/GuardianCargo at Felixstowe, SuffolkEmily Talbut2014-11-26T14:36:00ZConfidence levels slip in CBI survey of services sectorhttp://www.theguardian.com/business/2014/nov/25/confidence-slips-cbi-services-sector
Price freeze will dent profitability of business and professional services as competition limits inflationary pressures<p><strong> </strong></p><p>A dip in confidence across the services sector will limit growth heading into the new year, according to a wide ranging business survey.</p> <a href="http://www.theguardian.com/business/2014/nov/25/confidence-slips-cbi-services-sector">Continue reading...</a>Services sectorConfederation of British Industry (CBI)BusinessEconomic growth (GDP)Tue, 25 Nov 2014 00:05:09 GMThttp://www.theguardian.com/business/2014/nov/25/confidence-slips-cbi-services-sectorPhillip Inman, economics correspondent2014-11-25T00:05:09ZPace of UK economic growth expected to halve as service sector slowshttp://www.theguardian.com/business/2014/nov/05/uk-recovery-slows-service-sector
Slowdown since summer expected to cut growth to 0.5% in last quarter but optimism reigns with firms still hiring, say analysts<p>The pace of Britain’s recovery is expected to almost halve by the end of the year after a survey showed the service sector expanded at the slowest pace in almost 18 months in October.</p><p>In the first quarter of the year, the UK registered a rise in GDP of 0.9%, but analysts said the slowdown since the summer meant the final quarter was likely to see growth fall to 0.5%, taking pressure off the Bank of England to raise interest rates.</p> <a href="http://www.theguardian.com/business/2014/nov/05/uk-recovery-slows-service-sector">Continue reading...</a>Economic growth (GDP)Services sectorEconomicsEconomic recoveryBusinessWed, 05 Nov 2014 11:27:00 GMThttp://www.theguardian.com/business/2014/nov/05/uk-recovery-slows-service-sectorPhotograph: AlamyThe UK services sector is growing, albeit much more slowly.Photograph: AlamyThe UK services sector is growing, albeit much more slowly.Phillip Inman, economics correspondent2014-11-05T11:27:00ZWhy Graham Norton’s national service is worth waiting for | Catherine Shoardhttp://www.theguardian.com/commentisfree/2014/oct/28/graham-norton-national-service-waiting-tables
<p>Making everyone do a compulsory stint waiting on tables could make the world a better place – just spare me the egg mayo</p><p>Like many people, I’m fond of Graham Norton. I like his policy of sticking four Hollywood A-listers together on the sofa rather than indulging each in turn. I like his warm embrace of dogs and wine. I like his <a href="http://www.telegraph.co.uk/women/sex/relationship-advice-and-romance/11169884/Dear-Graham-Norton-I-dont-want-my-wife-to-get-a-cleaner.html" title="">surprisingly bracing agony uncle column</a>.</p><p>At the weekend he gave an interview in the Times that sealed his status for me as a sort of oracle. Everybody, he said, should be a waiter for a while, like a sort of national service. “Not only do you become a nicer person to waiters in later life, but also you figure out how to read people. You discover that a lot of people are vile, you discover how easy it is to be nice, how easy it is to be a shit.”</p> <a href="http://www.theguardian.com/commentisfree/2014/oct/28/graham-norton-national-service-waiting-tables">Continue reading...</a>RestaurantsFood & drinkLife and styleServices sectorGraham NortonArtArt and designTue, 28 Oct 2014 19:52:37 GMThttp://www.theguardian.com/commentisfree/2014/oct/28/graham-norton-national-service-waiting-tablesPhotograph: Ian West/PA Archive/Press Association ImaGraham Norton with guests Jennifer Lopez, Andrew Flintoff and David Mitchell at the filming of a recent show. Photograph: Ian West/Press AssociationPhotograph: Ian West/PA Archive/Press Association ImaGraham Norton with guests Jennifer Lopez, Andrew Flintoff and David Mitchell at the filming of a recent show. Photograph: Ian West/Press AssociationCatherine Shoard2014-10-28T19:52:37ZToday’s domestic cleaners have clients, not masters | @guardianlettershttp://www.theguardian.com/money/2014/oct/27/domestic-cleaners-have-clients-not-masters
<p>What dictionary is Gaby Hinsliff (<a href="http://www.theguardian.com/commentisfree/2014/oct/24/still-depend-servants-amazon-toffs-bygone-age" title="">The forelock-tugging has gone, but most of us still depend on servants</a>, 24 October) using? The Shorter Oxford defines a servant as “A personal or domestic attendant; a person employed in a house to perform various household duties according to the orders and requirements of his or her employer”. To claim that anyone who is “paid to perform duties on your behalf” is a servant invites great confusion. As one of those time-poor, (relatively) cash-rich professionals, yes, I pay someone (yes, a woman; yes, an immigrant) to clean my house.</p><p>This is a very different arrangement from that which my parents and I experienced “below stairs” in a very, very minor country house in the 70s and 80s. We lived in a tied cottage on the estate, we drove around in an estate car that was the estate’s car, and so on.</p> <a href="http://www.theguardian.com/money/2014/oct/27/domestic-cleaners-have-clients-not-masters">Continue reading...</a>Work & careersPayMoneyHomesLife and styleLiving wageSocietyServices sectorBusinessMon, 27 Oct 2014 21:11:06 GMThttp://www.theguardian.com/money/2014/oct/27/domestic-cleaners-have-clients-not-mastersPhotograph: Jochen Tack/AlamyTo claim that anyone who is paid to perform duties on your behalf is a servant 'invites great confusion'. Photograph: Jochen Tack/AlamyPhotograph: Jochen Tack/AlamyTo claim that anyone who is paid to perform duties on your behalf is a servant 'invites great confusion'. Photograph: Jochen Tack/AlamyGuardian Staff2014-10-27T21:11:06ZThe forelock-tugging’s gone, but most of us still depend on servants | Gaby Hinsliffhttp://www.theguardian.com/commentisfree/2014/oct/24/still-depend-servants-amazon-toffs-bygone-age
It’s a deconstructed Downton – from takeway lattes to Amazon we’re acting like toffs from a bygone age<p>Once upon a time, <a href="http://en.wikipedia.org/wiki/Princess_Olga_Andreevna_Romanoff">Princess Olga Romanoff</a> explained wistfully, if her mother needed a boy for menial work she needed only to telephone the “local comp” and ask. While she was at it, she could stock up on maidservants too. So handy.</p><p>But sadly for the landed gentry, or in this case deposed Russian royalty, the days of 14-year-old school-leavers mowing lawns and dusting chandeliers are long gone. As must be much of the Romanoff fortune, or Olga presumably wouldn’t have agreed to be filmed attempting to hire servants for her country pile as part of Channel 4’s new series <a href="http://www.theguardian.com/tv-and-radio/2014/oct/21/tv-highlights-you-cant-get-the-staff">You Can’t Get the Staff</a>, whose title alone sounds designed to troll the sofa-bound into revolution.</p> <a href="http://www.theguardian.com/commentisfree/2014/oct/24/still-depend-servants-amazon-toffs-bygone-age">Continue reading...</a>Economic policyPoliticsServices sectorEconomic growth (GDP)BusinessAmazon.comTechnologyFri, 24 Oct 2014 05:00:07 GMThttp://www.theguardian.com/commentisfree/2014/oct/24/still-depend-servants-amazon-toffs-bygone-agePhotograph: Satoshi Kambayashi'If the definition of a servant is someone paid to perform duties on your behalf then what does that make Amazon?' Illustration: Satoshi KambayashiPhotograph: Satoshi Kambayashi'If the definition of a servant is someone paid to perform duties on your behalf then what does that make Amazon?' Illustration: Satoshi KambayashiGaby Hinsliff2014-10-24T05:00:07ZFour facts about UK manufacturinghttp://www.theguardian.com/business/2014/oct/22/four-facts-about-uk-manufacturing
<p>The manufacturing sector has changed significantly in postwar Britain, with its share of the economy falling to about 10% in 2013 from 36% in 1948, according to new analysis from the ONS<br></p><p>Britain’s manufacturing sector is now a much smaller part of the economy than it was 60 years ago. The sector now accounts for just 10% of GDP, compared with the services sector which makes up about 75%. Here are four facts about the UK manufacturing industry, published by the Office for National Statistics.</p> <a href="http://www.theguardian.com/business/2014/oct/22/four-facts-about-uk-manufacturing">Continue reading...</a>Manufacturing sectorBusinessEconomicsOffice for National StatisticsServices sectorEconomic growth (GDP)Wed, 22 Oct 2014 14:23:32 GMThttp://www.theguardian.com/business/2014/oct/22/four-facts-about-uk-manufacturingPhotograph: Christopher Furlong/Getty ImagesThe production line at Nissan’s factory in Sunderland.Photograph: Christopher Furlong/Getty ImagesThe production line at Nissan’s factory in Sunderland.Angela Monaghan2014-10-22T14:23:32ZRoyal Mail parcel promotion offers bigger gift for Christmashttp://www.theguardian.com/business/2014/oct/06/royal-mail-parcel-promotion-bigger-gift-christmas
Parcel size rejig may save mail users up to £5.20 as newly privatised firm trials 7-day opening of delivery offices<p>Royal Mail is to nearly double the maximum size of its small parcel format ahead of the busy Christmas period, as well as running a price promotion ahead of the festive season.</p><p>From 20 October, the largest dimensions of the two existing small parcel formats will be combined to create a single, bigger format measuring 45cm x 35cm x 16cm, saving up to &pound;5.20 if the contents of a medium parcel can be fitted into the new small format.</p> <a href="http://www.theguardian.com/business/2014/oct/06/royal-mail-parcel-promotion-bigger-gift-christmas">Continue reading...</a>Royal MailPost OfficeBusinessMoneyConsumer affairsServices sectorSun, 05 Oct 2014 23:01:04 GMThttp://www.theguardian.com/business/2014/oct/06/royal-mail-parcel-promotion-bigger-gift-christmasPhotograph: AlamyRoyal Mail has rejigged smaller parcel sizes.Photograph: AlamyRoyal Mail has rejigged smaller parcel sizes.Julia Kollewe2014-10-05T23:01:04ZUS unemployment rate falls to 5.9%; but wage growth disappoints - business livehttp://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live
<p>Rolling business and financial news, as America’s jobs rate hits the lowest since July 2008.</p><ul><li><a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live#block-542e969ce4b08e29dc5c2e98">Latest: Non-farm payroll grows by 248,000</a><br></li></ul><p class="block-time published-time"> <time datetime="2014-10-03T17:33:35.174+01:00">5.33pm <span class="timezone">BST</span></time> </p><p>After the recent slump in share prices - the FTSE 100 for example was at a near 10 month low on Thursday - investors were cautiously tipping their toes back in the water. The worries which have hit markets hard - signs of economic weakness around the world, a disappointing update from the ECB, protests in Hong Kong, air strikes on Isis, trouble in Ukraine and concerns about the spread of ebola - have not gone away. But many investors clearly felt the falls had gone too far. The more positive mood was helped by the US revealing a better than expected non-farm payroll figure, with 248,000 jobs added in September compared to expectations of 215,000. July and August figures were also revised upwards. So the final scores showed:</p><p class="block-time published-time"> <time datetime="2014-10-03T16:30:43.046+01:00">4.30pm <span class="timezone">BST</span></time> </p><p>George Osborne has caused a stir by telling businessmen at the Institute of Directors’ conference to counter what he sees as an anti-free market movement led by trade unions and charities. Katie Allen reports:</p><p>Speaking to business leaders at the Institute of Directors’ annual convention, Osborne said principles of enterprise and business as a force for widespread prosperity were “up for grabs” for the first time in his adult life.</p><p>Osborne told the audience at London’s Royal Albert Hall: “You have to get out there and put the business argument. Because there are plenty of pressure groups, plenty of trade unions and plenty of charities and the like, that will put the counter view.</p><p>TUC General Secretary Frances O’Grady said: “The Chancellor accuses unions of being anti-business, yet many of Britain’s most successful companies and sectors – such as car-makers – depend on the labour and skills of trade unionists just as much as their managers. He has let down his guard to show how much he agrees with Margaret Thatcher’s ‘enemy within’ rhetoric.</p><p>“But the real issue today is that the Chancellor is doing nothing to fairly share the benefits of recovery. He has rewarded soaraway executive pay with tax cuts for the super-rich, but been happy to see the longest and deepest cut in living standards for everyone else, only this week announcing cuts in the benefits that low paid workers desperately need when the real value of their pay is falling.”</p><p class="block-time published-time"> <time datetime="2014-10-03T15:37:08.763+01:00">3.37pm <span class="timezone">BST</span></time> </p><p>And some comments from delegates at the IoD on <a href="http://www.theguardian.com/business/2014/oct/03/john-lewis-boss-andy-street-says-france-finished">Andy Street’s comments about France</a>, courtesy of Katie Allen:</p><p>John Rider, a turnaround expert from the West Midlands, who knows Street from local business alliances, felt the comments on France were out of character.</p><p>“I have got a lot of time for Andy but I am surprised at his comments on France,” said Rider, a former regional chairman for the IoD in the West Midlands.</p><p class="block-time published-time"> <time datetime="2014-10-03T15:27:54.647+01:00">3.27pm <span class="timezone">BST</span></time> </p><p>Meanwhile the founder of Uber has provided the Institute of Directors with a different take on what people like Andy Street see as France’s shortcomings, <em><strong>writes Katie Allen</strong></em>:</p><p>Travis Kalanick, chief executive of the taxi app company, tells the conference Uber was born in Paris.</p><p>“I like to say we were founded in Paris,” he says. He doesn’t go near what may or may not have been tongue in cheek comments from John Lewis boss Street, but Kalanick recounts being in the French capital with his co-founder.</p><p class="block-time published-time"> <time datetime="2014-10-03T15:22:03.978+01:00">3.22pm <span class="timezone">BST</span></time> </p><p>Back with the <a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live#block-542e8eb7e4b08e29dc5c2e8e">comments on France from John Lewis managing director Andy Street</a>. As a reminder he said, among other things, that France was “sclerotic, hopeless and downbeat” and said the Gare du Nord was “the squalor pit of Europe”.</p><p>My colleague Katie Allen is at the Institute of Directors’ annual meeting and has been talking to its director general Simon Walker. She reports:</p><p>Walker told the Guardian that Street’s remarks had taken him aback a little but he sympathised with concerns about the French economy:</p><p>“I’m a little surprised. I have a house in France and spend as much time as I can in France… the wine is better, the people are stylish… I even quite like Gard du Nord.</p><p class="block-time published-time"> <time datetime="2014-10-03T14:59:49.858+01:00">2.59pm <span class="timezone">BST</span></time> </p><p>Jean Claude Juncker, the EU’s president designate has held lunchtime talks with Greek prime minister Antonis Samaras during his flying visit to Athens.</p><p>The meeting - at the Benaki Museum in Athens - took place in “a very good climate” according to local media. Helena Smith reports:</p><p>The visit was aimed at concentrating minds on reform efforts Greece has to make as mission chiefs representing the country’s troika of creditors at the EU, ECB and IMF, conduct a fifth review of the Greek economy with government ministers in Athens.</p><p>Greek media reports said that the incoming president was also keen to discuss “the post-bailout [memorandum] Greece” as the country prepares to exit its €240bn international financial support programme.</p><p>Over the working lunch with Samaras, Juncker focused specifically on Greece’s desire to disengage from the Washington-based IMF, whose disbursement of aid instalments was originally not due to end until March 2016 (unlike euro area countries whose support for the debt-stricken nation expires this year).</p><p>In a move that took many aback, Samaras announced the end of the “memorandum period” for Greece during talks with the German chancellor Angela Merkel last week, saying that Athens would seek to end engagement with the IMF “early.” The leader, who earlier this week announced he would seek a vote of confidence in his government next week, has said that it is now vital that Greece ends oversight by foreign lenders and takes ownership of its own reform/modernisation programme almost five years after seeking international aid to avoid bankruptcy. </p><p class="block-time published-time"> <time datetime="2014-10-03T14:52:47.660+01:00">2.52pm <span class="timezone">BST</span></time> </p><p><strong>If the US non-farm payroll numbers are better than expected, then the just-released service sector for September has shown a dip from August.</strong></p><p>The services sector purchasing managers index fell to 58.9 from 59.5, but up from an earlier flash reading for September of 58.5.</p><p>A slowing in the pace of service sector growth in September matched a similar easing in the pace of manufacturing output growth seen during the month, suggesting the overall pace of economic expansion dipped to the weakest since May.</p><p class="block-time published-time"> <time datetime="2014-10-03T14:41:09.103+01:00">2.41pm <span class="timezone">BST</span></time> </p><p>A US interest rate rise in the second quarter is looking increasingly unlikely, according to Rob Carnell of ING. He said:</p><p>There were some elements in this release for the doves to cling on to. Wages growth, despite anecdotes of strong hiring, labour shortages and building wage pressure, slipped back to 2.0% year on year from 2.1%, on a 0.0% month on month change. This is disappointing.</p><p>That said, with oil prices plunging, and headline inflation in the US likely to fall sharply in coming months, thoughts of a second quarter 2015 rate hike from the Fed are looking increasingly unlikely, so wages are less of a pivot for policy-makers than they were several months ago when CPI inflation was pushing above 2.0%.</p><p class="block-time published-time"> <time datetime="2014-10-03T14:24:21.051+01:00">2.24pm <span class="timezone">BST</span></time> </p><p>Alastair Winter, chief economist at Daniel Stewart (the boutique investment bank), says Fed chief Janet Yellen will worry that <a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live#block-542e98b2e4b075120190c5a8">wages aren’t rising faster</a>, and the other downbeat elements to the report.</p><p>But that may not stop rates rising in the first half of next year.</p><p>“Welcome as the drop in the unemployment rate is, I very much doubt it will make much difference to the FOMC in its march towards the first rate hike in March or June 2015. </p><p>The kindly Ms Yellen will wring her hands over the stubbornly high numbers of long-term unemployed, the part-timers wanting to be full-time and the ‘discouraged workers.’ </p><p class="block-time published-time"> <time datetime="2014-10-03T14:21:27.189+01:00">2.21pm <span class="timezone">BST</span></time> </p><p><strong>Marc Ostwald of ADM Investor Services, says the drop in the US jobless rate is a relief after various weaker data recently</strong>.</p><p>Here’s his take on the non-farm report:</p><p>a solid beat at +248k vs. expected 215K, with August revised up by 38K, and July up by 31K</p><p>Positives: </p><p>down to 5.9% from 6.1% will be grist to the mill for the Fed hawks, but the doves will note that the Underemployment Rate at 11.8% while falling from 12.0% is still far too high, especially at this stage of the cycle, though +232K rise in Employment encouraging,though offset by fresh low on the Participation Rate at 62.7% from 62.8%</p><p>soft at Flat m/m 2.0% y/y - though given that the Payrolls gains were paced by lower paid services jobs, this should not come any surprise.</p><p>Hoorah the headline reading at 34.6 has finally broken the 34.5 ceiling that has been in place since 2012, though Manufacturing Hours only marginally higher - again unsurprising given Manufacturing payrolls.</p><p class="block-time published-time"> <time datetime="2014-10-03T14:09:45.136+01:00">2.09pm <span class="timezone">BST</span></time> </p><p>With America’s jobless rate now the lowest since summer 2008, there is more pressure on the Fed to normalise monetary policy.</p><p>So reckons <strong>M</strong><strong>arcus Bullus, trading director of MB Capital: </strong></p><p>“After this robust number, and decent upward revisions for both July and August, the hawks will once again be circling.</p><p>“Policymakers will also be encouraged by the fall in the number of discouraged workers. More people are starting to believe in the economy again and that matters a lot.</p><p>“Anaemic wage growth continues to be the major conundrum facing markets and policymakers alike.</p><p>“You’d expect to see wages rising with more gusto in an improving jobs market, but this just isn’t happening.</p><p class="block-time published-time"> <time datetime="2014-10-03T13:59:28.938+01:00">1.59pm <span class="timezone">BST</span></time> </p><p>These two tweets sum up the non-farm payroll:</p><p>Detail of the NFP report: manufacturing's share of NFP growth falls to a new low, private service sector provides bulk of new jobs ^KB <a href="https://twitter.com/hashtag/US?src=hash">#US</a></p><p><a href="https://twitter.com/hashtag/NFP?src=hash">#NFP</a> - also worth noting, the US Labour force participation rare falls to a 37-year low, which makes the job growth more impressive ^KB</p><p class="block-time published-time"> <time datetime="2014-10-03T13:53:22.924+01:00">1.53pm <span class="timezone">BST</span></time> </p><p>As the dollar strengthens, the gold price takes another tumble:</p><p>Gold took a kick to the crotch on that <a href="https://twitter.com/hashtag/NFP?src=hash">#NFP</a> print - breaking below 1200 <a href="http://t.co/L3YQDGy5tM">pic.twitter.com/L3YQDGy5tM</a></p><p class="block-time published-time"> <time datetime="2014-10-03T13:53:00.086+01:00">1.53pm <span class="timezone">BST</span></time> </p><p><strong>The dollar is surging, as traders calculate that the fall in the US unemployment rate will prompt the Federal Reserve to raise interest rates before too long.</strong></p><p>It has gained over a cent against the pound, to $1.6006.</p><p class="block-time published-time"> <time datetime="2014-10-03T13:48:57.021+01:00">1.48pm <span class="timezone">BST</span></time> </p><p>The initial reaction in the financial markets is that this is a strong jobs report.</p><p>Triple whammy. strong jobs in Sept, Strong revision to Aug jobs &amp; fall in unemployment rate <a href="https://twitter.com/hashtag/usjobs?src=hash">#usjobs</a></p><p class="block-time published-time"> <time datetime="2014-10-03T13:47:44.250+01:00">1.47pm <span class="timezone">BST</span></time> </p><p><strong>The other disappointment is that America’s labor force participation rate has fallen again, from 62.8% to 62.7%.</strong></p><p>That shows that more people have dropped out of the workforce altogether, which helped to drag the overall jobless rate down to 5.9% [<em>because it measures the proportion of people who could be in work, but aren’t</em>]</p><p>The Participation Rate is the lowest since 1978</p><p class="block-time published-time"> <time datetime="2014-10-03T13:40:05.290+01:00">1.40pm <span class="timezone">BST</span></time> </p><p><strong>But there is disappointment too - today’s non-farm payroll shows no change in average hourly earnings in September compared with August.</strong></p><p>That suggests that the recovery isn’t really feeding into American’s wage packets.</p><p>Average Hourly Earnings 0.0% m/m</p><p>Average hourly wages fell a penny to $24.53, reducing the 12-month increase to 2% from 2.1%. <a href="http://t.co/Gl1Px5CK7U">http://t.co/Gl1Px5CK7U</a></p><p class="block-time published-time"> <time datetime="2014-10-03T13:38:06.895+01:00">1.38pm <span class="timezone">BST</span></time> </p><p>More good news, last month’s weak non-farm payroll report has been revised higher.</p><p>It now shows that 180,000 new jobs were created in August, not the 142,000 first estimated.</p><p class="block-time published-time"> <time datetime="2014-10-03T13:32:23.184+01:00">1.32pm <span class="timezone">BST</span></time> </p><p><strong>BREAKING: The US non-farm payroll shows that 248,000 new jobs were created across America last month.</strong></p><p>That’s a stronger reading than expected.</p><p class="block-time published-time"> <time datetime="2014-10-03T13:28:16.547+01:00">1.28pm <span class="timezone">BST</span></time> </p><p><strong>Right, time for the last major piece of economic news of the week (hurrah!)</strong></p><p>The US non-farm payroll is announced in a few moments, showing how many new jobs were created in America last month.</p><p>This bodes well for NFP: Claims vs. Payrolls <a href="http://t.co/0JCaUiYT6p">pic.twitter.com/0JCaUiYT6p</a></p><p class="block-time published-time"> <time datetime="2014-10-03T13:19:40.693+01:00">1.19pm <span class="timezone">BST</span></time> </p><p><strong>Andy Street’s comments about the French economy have already caused a stink in Paris, where a deputy mayor called them “false and idiotic”.</strong></p><p>Our correspondent Kim Willsher reports:</p><p>Jean-Louis Missika, a deputy Paris mayor in charge of economic development and the attractiveness of Paris to investors, told The Guardian that if Andy Street was joking, perhaps Paris should respond in kind.</p><p>“What he says is false and idiotic. As we say, everything excessive is exaggerated, but then it seems French bashing is all the fashion chez vous.</p><p class="block-time published-time"> <time datetime="2014-10-03T13:03:02.522+01:00">1.03pm <span class="timezone">BST</span></time> </p><p><strong>John Lewis’s managing director, Andy Street, has apologised unreservedly for <a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live#block-542e66ace4b075120190c55c">his comments about France</a>.</strong></p><p>“The remarks I made were supposed to be lighthearted views, and tongue in cheek. </p><p>On reflection I clearly went too far. I regret the comments, and apologise unreservedly”.</p><p class="block-time published-time"> <time datetime="2014-10-03T12:54:47.732+01:00">12.54pm <span class="timezone">BST</span></time> </p><p>ITV’s Joel Hills is reporting that John Lewis’s MD has now apologised for his French gaffe:</p><p>&quot;I regret the comments and apologise unreservedly&quot;. Andy Street, boss of John Lewis, says sorry to France, in English.</p><p class="block-time published-time"> <time datetime="2014-10-03T12:39:07.158+01:00">12.39pm <span class="timezone">BST</span></time> </p><p><strong>The bold declaration by <a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live#block-542e66ace4b075120190c55c">John Lewis’s MD that France was in decline and “finished”</a> continues to reverberate around the media today.</strong></p><p><a href="http://ftalphaville.ft.com/marketslive/2014-10-03/">Over on FT Alphaville</a>, <strong>Bryce Elder</strong> was tickled by Andy Street’s description of Gare du Nord as a “squalid” railway station. Such a contrast with Britain’s own architectural heritage, eh?:</p><p>re <a href="https://twitter.com/hashtag/johnlewisgate?src=hash">#johnlewisgate</a>, a pic of &quot;squalor pit&quot; of Gare du Nord vs John Lewis in Brent Cross via <a href="https://twitter.com/BryceElder">@BryceElder</a> on <a href="https://twitter.com/ftalpha">@ftalpha</a> <a href="http://t.co/h0bi3dnc94">pic.twitter.com/h0bi3dnc94</a></p><p>We can say with a degree of certainty that a rights issue, &pound;3bn ish probably, is among the options being considered.</p><p class="block-time published-time"> <time datetime="2014-10-03T12:15:24.429+01:00">12.15pm <span class="timezone">BST</span></time> </p><p><strong>The Institute of Directors had hoping to hear from Alex Salmond at today’s annual conference.</strong> </p><p>But after the Scottish first minister pulled out, organisers called in Peter Kellner, president of pollsters YouGov, to cover all things Scottish referendum. </p><p>Kellner talked about the vote on Scottish independence but also had a message for the audience of business leaders. Providing some welcome context for George Osborne’s earlier complaints about the rise of an anti-business movement, Kellner flagged up the dwindling reputations of those in power - be it in central government, local government or business.</p><p>If they are judged by stories of “zero-hours, bad pay for cleaners, bad treatment of people in China and Bangladesh... bonuses that appear unforgiveable, tax arrangements that are not ... sociable ... these play like the WMD story on reputations,” Kellner warned.</p><p>Kellner - there has been a decade of decline of trust of those in power <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a></p><p>Kellner - establishment parties have been in decline. Trust in politics is in decline <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a></p><p class="block-time published-time"> <time datetime="2014-10-03T11:32:09.406+01:00">11.32am <span class="timezone">BST</span></time> </p><p><strong>George Osborne’s broad message to the Institute of Directors this morning is that stability and tax cuts go hand in hand.</strong></p><p>He was speaking just two days after PM David Cameron promised billions of pounds of income tax cuts if the Conservatives win the next election.</p><p>Peter Kellner at <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a> says GE2015 might result in neither Cons or Labs having overall majority with LibDems. Tax policies w/b interesting!</p><p class="block-time published-time"> <time datetime="2014-10-03T11:09:11.807+01:00">11.09am <span class="timezone">BST</span></time> </p><p><strong>Asked about the UK government’s push for reforms in the European Union, Osborne sought to emphasise it was not an entirely selfless project.</strong></p><p>The chancellor declared:</p><p>“We want economic reform in Europe not just for ourselves but for the French, the Spanish [and other countries too].</p><p>“We do it not just for ourselves but because we want to live in a prosperous economy,” he said. </p><p>“Free movement of people was never envisaged as freedom to move and claim benefits.”</p><p>“It’s important that we find a way through this... there are very real concerns of many members of the British public.”</p><p>. <a href="https://twitter.com/The_IoD">@The_IoD</a> Director-General Simon Walker putting the Chancellor under pressure about David Cameron's pushback against free movement <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a></p><p> “That issue felt like it had been resolved when the Berlin wall fell,” he says. “I would urge the business community not to stand on the sidelines.” </p><p class="block-time published-time"> <time datetime="2014-10-03T10:58:32.905+01:00">10.58am <span class="timezone">BST</span></time> </p><p>George Osborne: &quot;There are risks returning to the eurozone.&quot; Economic reform necessary, UK &quot;finding allies&quot; on EU deregulation reform <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a></p><p class="block-time published-time"> <time datetime="2014-10-03T10:53:44.702+01:00">10.53am <span class="timezone">BST</span></time> </p><p>IoD DG Simon Walker &amp; <a href="https://twitter.com/George_Osborne">@George_Osborne</a> discuss British business at the <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a> <a href="https://twitter.com/Conservatives">@Conservatives</a> <a href="http://t.co/dvVn5I66ml">pic.twitter.com/dvVn5I66ml</a></p><p class="block-time published-time"> <time datetime="2014-10-03T10:49:12.911+01:00">10.49am <span class="timezone">BST</span></time> </p><p>Asked by an IoD member from the West Midlands about why the UK still struggled to grow exports, George Osborne said problems in the eurozone, a key market, were a short-term challenge and longer term small and medium sized businesses needed to look further afield.<br /></p><p><strong>“Very, very weak growth in the eurozone” is the “biggest near-term risk”, he told the Annual Conference.</strong></p><p>“But I am the first to say we have more work to do in this space.”</p><p class="block-time published-time"> <time datetime="2014-10-03T10:47:14.861+01:00">10.47am <span class="timezone">BST</span></time> </p><p class="block-time published-time"> <time datetime="2014-10-03T10:42:48.240+01:00">10.42am <span class="timezone">BST</span></time> </p><p>George Osborne also promised that Westminster will meet its pledge to Scotland’s oil and gas industry....</p><p>OS - the commitments made to Scotland will be honoured. We can do more to help oil industry <a href="https://twitter.com/hashtag/iodac?src=hash">#iodac</a> <a href="http://t.co/OB04piM1iq">pic.twitter.com/OB04piM1iq</a></p><p>George Osborne: We want to get out as many barrels of oil and...err...whatever a barrel of gas is, out of the North Sea. <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a></p><p class="block-time published-time"> <time datetime="2014-10-03T10:39:29.172+01:00">10.39am <span class="timezone">BST</span></time> </p><p><strong>The eurozone remains the biggest threat to the UK recovery, Osborne says </strong>(<em>perhaps he was thinking of t<a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live#block-542e5b6ae4b0cd82a095e949">his morning’s poor PMI surveys...</a></em>)</p><p>George Osborne: eurozone's economic problems are greatest threat to UK recovery <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a></p><p>Osborne: 'the greatest immediate economic risk to us is the very very weak growth in the eurozone.' <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a></p><p class="block-time published-time"> <time datetime="2014-10-03T10:34:40.119+01:00">10.34am <span class="timezone">BST</span></time> </p><p>George Osborne is explaining to the IoD annual conferenve how the raft of measures announced this week add up (<em>Katie Allen writes</em>)</p><p>The chancellor lays out three points he sees as key to the party’s policies.</p><p>“we can achieve both those things, economic stability and low taxes.”</p><p><a href="https://twitter.com/George_Osborne">@George_Osborne</a> at the <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a> &quot;We have unashamedly put business at the heart of our political message&quot; <a href="https://twitter.com/Conservatives">@conservatives</a></p><p class="block-time published-time"> <time datetime="2014-10-03T10:27:37.295+01:00">10.27am <span class="timezone">BST</span></time> </p><p><strong>Simon Walker, IoD director-general, is introducing George Osborne at the Institute of Directors annual conference now.</strong></p><p>Walker says the theme of this year’s business jamboree is “game changer” (<em>reports my colleague Katie Allen from the conference</em>).</p><p class="block-time published-time"> <time datetime="2014-10-03T10:25:19.384+01:00">10.25am <span class="timezone">BST</span></time> </p><p>Heads-up... UK chancellor George Osborne has begun speaking at the Institute of Director’s Annual Convention..... </p><p>Simon Walker opens the <a href="https://twitter.com/hashtag/IoDAC?src=hash">#IoDAC</a> in conversation with <a href="https://twitter.com/George_Osborne">@George_Osborne</a> <a href="http://t.co/lDsMdJTHj5">pic.twitter.com/lDsMdJTHj5</a></p><p class="block-time published-time"> <time datetime="2014-10-03T10:23:50.019+01:00">10.23am <span class="timezone">BST</span></time> </p><p><strong>John Lewis, the retail chain, is in the spotlight this morning after its managing director described France as “sclerotic, hopeless and downbeat”</strong>.</p><p>Andy Street urged British entrepreneurs to flee the country while there’s time, declaring:</p><p>If you’ve got investments in French businesses, get them out quickly.”</p><p>Friday's Times - &quot;Tories seize poll lead after tax cut promises&quot; <a href="https://twitter.com/hashtag/tomorrowspaperstoday?src=hash">#tomorrowspaperstoday</a> <a href="https://twitter.com/hashtag/cpc14?src=hash">#cpc14</a> <a href="https://twitter.com/hashtag/bbcpapers?src=hash">#bbcpapers</a> <a href="http://t.co/g7gcDF8rKG">pic.twitter.com/g7gcDF8rKG</a></p><p class="block-time published-time"> <time datetime="2014-10-03T09:51:20.014+01:00">9.51am <span class="timezone">BST</span></time> </p><p>With a full set of survey data for Q3, we're estimating GDP growth of +0.8% for UK. For EZ, +0.25%, with France at 0.0% and Germany at 0.4%.</p><p class="block-time published-time"> <time datetime="2014-10-03T09:48:24.651+01:00">9.48am <span class="timezone">BST</span></time> </p><p><a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live#block-542e5f0fe4b066557aa0d89c">The UK services PMI repor</a>t suggests that Britain’s economy grew by around 0.8% in the third quarter of this year, according to Markit’s Chris Williamson.</p><p>He reckons the economy is ‘moderating’, after several strong quarters:</p><p>“September’s PMI surveys suggest that the UK most likely enjoyed another spell of above-trend economic growth in the third quarter, but the recovery appears to be losing its legs.</p><p>“The PMI surveys are collectively signalling GDP growth of 0.8% in the third quarter, down from 0.9% in the three months to June but still strong by historical standards. However, the pace of expansion hit a six-month low in September and is showing signs of moderating further as we move towards the end of the year.”</p><p class="block-time published-time"> <time datetime="2014-10-03T09:43:25.895+01:00">9.43am <span class="timezone">BST</span></time> </p><p><strong>Here comes the UK data....and the news is that Britain’s dominant service sector recorded decent growth in September.</strong></p><p>But growth did slow a little, to its slowest in three months, and there are fears that the recent strong recovery is “losing its legs”.</p><p class="block-time published-time"> <time datetime="2014-10-03T09:31:54.009+01:00">9.31am <span class="timezone">BST</span></time> </p><p><strong><a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live#block-542e5b6ae4b0cd82a095e949">September’s poor PMI surveys</a> show that eurozone economic growth in the last quarter was weak, says Chris Williamson, chief economist at Markit:</strong></p><p>“The PMI suggests the eurozone economy remained stuck in a rut in the third quarter. After GDP stagnated in the second quarter, we can only expect modest growth of 0.2-0.3% in the third quarter based on these survey readings, with momentum being lost as we head into the final quarter of the year.</p><p>Ireland’s economy is recovering strongly, Spain is seeing a still-robust upturn and the German service sector is providing an important prop to growth in the region as a whole. But the overall picture is one of a euro area economy that is struggling against multiple headwinds. These include a lack of domestic demand in many countries, subdued bank lending, sanctions with Russia and a reluctance of companies to expand in the face of an uncertain economic outlook. </p><p class="block-time published-time"> <time datetime="2014-10-03T09:25:23.238+01:00">9.25am <span class="timezone">BST</span></time> </p><p>Here’s a reminder of this morning’s data:</p><p class="block-time published-time"> <time datetime="2014-10-03T09:24:31.256+01:00">9.24am <span class="timezone">BST</span></time> </p><p><strong>Europe’s economic woes have deepened, with private sector growth slowing to the lowest rate in 10 months.</strong></p><p>That’s the conclusions of this morning’s data, and surveys earlier this week.</p><p>The ongoing malaise in the eurozone economy continued at the end of the third quarter, with the latest PMI data showing a further waning of output and new order growth. </p><p>Staffing levels fell at the steepest pace for 16 months in France. Job creation accelerated in Germany, but slowed in Ireland and Spain. Headcounts stabilised in Italy, following a slight decrease in August. </p><p class="block-time published-time"> <time datetime="2014-10-03T09:16:40.949+01:00">9.16am <span class="timezone">BST</span></time> </p><p>Significant Services PMI divergence between Germany,and Spain who are doing well and Italy and France who's numbers are worrying.<a href="https://twitter.com/hashtag/euro?src=hash">#euro</a></p><p class="block-time published-time"> <time datetime="2014-10-03T09:06:47.150+01:00">9.06am <span class="timezone">BST</span></time> </p><p>Germany’s service firms have defied the slowdown in France, Italy and Spain, with activity growing at a faster rate.</p><p>The German services PMI rose to 55.7 in September, up from 54.9 in August, showing growth accelerated.</p><p>companies expect the introduction of a national minimum wage in January 2015 to have at least some negative effect on economic growth. </p><p>At least German domestic demand looks fairly resilient, so far. Services PMI revised up.</p><p class="block-time published-time"> <time datetime="2014-10-03T09:00:38.196+01:00">9.00am <span class="timezone">BST</span></time> </p><p><strong>France’s economy has moved deeper into trouble too.</strong></p><p>Its service sector contracted in September for the first time in three months, according to Markit, dragging the wider French private sector into contraction too.</p><p>Mon Dieu!</p><p>There were reports from the survey panel linking job losses to company restructuring policies and, in some cases, decisions not to replace voluntary leavers. </p><p>“September’s PMI data rounded off another disappointing quarter for the French private sector economy. </p><p>Based on the survey’s activity readings, GDP still looks to be tracking close to stagnation, continuing the stalling performance seen since the start of the year. Jobs across the private sector were cut at the sharpest rate for 16 months in September, suggesting that companies are braced for a prolonged period of weakness.” </p><p class="block-time published-time"> <time datetime="2014-10-03T08:55:49.572+01:00">8.55am <span class="timezone">BST</span></time> </p><p>Pretty appalling Italy number at 48.8 v 49.6 .... frankly looks like recession persisting to year end.</p><p class="block-time published-time"> <time datetime="2014-10-03T08:52:38.325+01:00">8.52am <span class="timezone">BST</span></time> </p><p><strong>And this is worrying too! Italy’s service sector suffered a deeper contraction than expected last month.</strong></p><p>Markit’s Italian services sector PMI fell to <strong>48.8</strong>, down from August’s reading of <strong>49.8</strong>. </p><p>“Weakness in demand was evident as new business intakes went down another notch, which in turn pressured businesses into making further notable reductions to their charges. Manufacturers likewise reduced their output prices, suggesting broad-based deflationary forces. </p><p>“A halt in service sector job cuts and improved business sentiment were the relatively positive takeaways from the latest data, with the former a step in the right direction in terms of seeing demand-side trends improve.” </p><p class="block-time published-time"> <time datetime="2014-10-03T08:46:53.401+01:00">8.46am <span class="timezone">BST</span></time> </p><p><strong>Now this is worrying... growth in the Spanish service sector has slowed, and new orders grew at the lowest rate in almost a year.</strong></p><p>Spain’s recent revival tailed off last month, according to data firm Markit, with employment levels broadly unchanged.</p><p>“There were signs of a growth slowdown in the Spanish service sector at the end of Q3, particularly with regards to new business which increased at the weakest pace for almost a year. There was also disappointing news on the employment front, with the recent spell of job creation coming to an end. </p><p class="block-time published-time"> <time datetime="2014-10-03T08:30:59.259+01:00">8.30am <span class="timezone">BST</span></time> </p><p><strong>Russia’s private sector only managed to post small growth last month, according to HSBC’s survey of the sector.</strong></p><p>The Russian composite PMI slid to just 50.9, close to the 50-point mark showing stagnation. Firms reported falling optimism, with business expectations close to their lowest point since the financial crisis began. </p><p>Overall, the Russian economy must have continued very slow growth in September amid strong and intensified cost pressures and increasing uncertainties about future business development. </p><p>Such weak mechanical growth is better than the absence of growth, but we do not see drivers for stronger growth while downside risks to growth are abundant. Lower oil prices and persistent decline in fixed investment are just few of them. A mild recession remains our base case scenario for the coming quarters.</p><p>HSBC Russia Services <a href="https://twitter.com/hashtag/PMI?src=hash">#PMI</a> signals marginal growth: headline index at 50.5. Comp. Index at 50.9 <a href="http://t.co/7uA7Osdod4">http://t.co/7uA7Osdod4</a> <a href="http://t.co/MYY6XKa6UA">pic.twitter.com/MYY6XKa6UA</a></p><p class="block-time published-time"> <time datetime="2014-10-03T08:20:06.240+01:00">8.20am <span class="timezone">BST</span></time> </p><p><strong>Ireland’s recovery from the depths of its austerity slump continues, with service sector firms reporting the 26th month of consecutive growth.</strong></p><p>Panellists reported that the growth in New Business was a result of clients’ increased willingness to commit to new projects given signs of improvement in the Irish economy. </p><p>Growth in New Export Business also accelerated during September, with the UK cited as a particular source of strength. </p><p class="block-time published-time"> <time datetime="2014-10-03T08:13:04.620+01:00">8.13am <span class="timezone">BST</span></time> </p><p><strong>There’s gloomy news from China overnight -- its services sector has grown at the slowest pace in eight month, partly due to the weakening housing market.</strong></p><p>Official figures showed that new orders actually shrank in September, for the first time since the collapse of Lehman Brothers.</p><p>Business activities in the property market have stabilized at low levels but stayed within the contractionary area, suggesting overall activities remained sluggish.”</p><p class="block-time published-time"> <time datetime="2014-10-03T08:04:28.450+01:00">8.04am <span class="timezone">BST</span></time> </p><p><strong>Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone.</strong><br /></p><p>After recent comments by Fed members who increasingly sound more hawkish, this week’s non-farm payrolls data will carry significant weight and go a long way towards shaping rate hike expectations. </p><p>After a slump the previous month (142,000), non-farm payrolls are expected to bounce back strongly with a reading north of 200,000. Analysts feel a strong reading today could then see the Fed drop its ‘considerable time’ reference as far as rates lift-off is concerned. </p> <a href="http://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-live">Continue reading...</a>Eurozone crisisServices sectorUS unemployment and employment statisticsFri, 03 Oct 2014 17:02:34 GMThttp://www.theguardian.com/business/live/2014/oct/03/chinese-service-sector-ireland-eurozone-us-non-farm-payroll-livePhotograph: WILL OLIVER/EPAOsborne at the Institute of Directors convention. Photo: EPA/Will OliverPhotograph: WILL OLIVER/EPAOsborne at the Institute of Directors convention. Photo: EPA/Will OliverPhotograph: ORESTIS PANAGIOTOU/EPAGreek prime minister Antonis Samaras (R) welcomes President-elect of the European Commission Jean-Claude Juncker. Photo: EPA/Orestis PanagiotouPhotograph: ORESTIS PANAGIOTOU/EPAGreek prime minister Antonis Samaras (R) welcomes President-elect of the European Commission Jean-Claude Juncker. Photo: EPA/Orestis PanagiotouPhotograph: ORESTIS PANAGIOTOU/EPASamaras (R) and Juncker. Photo: EPA/Orestis PanagiotouPhotograph: ORESTIS PANAGIOTOU/EPASamaras (R) and Juncker. Photo: EPA/Orestis PanagiotouPhotograph: Rex Features/Rex FeaturesManaging Director Andy Street outside the John Lewis store in Cambridge.Photograph: Rex Features/Rex FeaturesManaging Director Andy Street outside the John Lewis store in Cambridge.Photograph: Brendan Smialowski/AFP/Getty ImagesThe White House is seen reflected in a puddle in Washington DCPhotograph: Brendan Smialowski/AFP/Getty ImagesThe White House is seen reflected in a puddle in Washington DCGraeme Wearden (until 2.30pm) and Nick Fletcher (now)2014-10-03T17:02:34ZUK services sector grows at slowest pace in three monthshttp://www.theguardian.com/business/2014/oct/03/uk-services-sector-grows-slowest-pace-three-months
Hotels, restaurants and hairdressers saw less activity in September as recovery appears to be losing steam<p>Britain’s dominant services sector grew at the slowest pace in three months in September in the latest sign that economic recovery is losing steam.</p><p>The sector, which accounts for about three-quarters of the UK economy, has enjoyed an unbroken run of growth for 21 months according to the closely watched Markit/CIPS PMI, but the pace of growth last month failed to meet City expectations.</p> <a href="http://www.theguardian.com/business/2014/oct/03/uk-services-sector-grows-slowest-pace-three-months">Continue reading...</a>Services sectorEconomic growth (GDP)EconomicsBusinessFri, 03 Oct 2014 10:27:15 GMThttp://www.theguardian.com/business/2014/oct/03/uk-services-sector-grows-slowest-pace-three-monthsPhotograph: Don McpheeHairdressers saw business activity fall in September, figures show. Photograph: Don McpheePhotograph: Don McpheeHairdressers saw business activity fall in September, figures show. Photograph: Don McpheeAngela Monaghan2014-10-03T10:27:15ZAA prepares to give a breakdown of its resultshttp://www.theguardian.com/business/2014/sep/21/aa-breakdown-results-flotation
The road recovery firm fired its chief executive two months after its flotation. What will the first set of figures show?<p>If you sign up to the AA, the roadside recovery firm pledges to cover you and your motor for the next 12 months. But please note: the offer is only available to the firm's customers, not its chief executives.</p><p>That became clear last month, when&nbsp;the self-proclaimed fourth emergency service eased out boss Chris Jansen just eight months after he'd joined the group – and only two months after the company floated on the stock market.</p> <a href="http://www.theguardian.com/business/2014/sep/21/aa-breakdown-results-flotation">Continue reading...</a>Services sectorBusinessPZ CussonsRetail industryInvestingUK newsSat, 20 Sep 2014 23:05:03 GMThttp://www.theguardian.com/business/2014/sep/21/aa-breakdown-results-flotationMartin Godwin/Martin GodwinAA rescue service help a motorist whose car is stuck in the snow.
Photograph: Martin GodwinMartin Godwin/Martin GodwinAA rescue service help a motorist whose car is stuck in the snow.
Photograph: Martin GodwinSimon Goodley2014-09-20T23:05:03ZCorporations are not people, so don't let them guilt you into tipping the maid | Oliver Burkemanhttp://www.theguardian.com/commentisfree/oliver-burkeman-column/2014/sep/17/corporate-guilt-gratitude-marriott-tipping
<p>Gratitude is a very good thing. It makes us happy. But this is what happens when Marriott and the corporate do-gooder police co-opt your feelings</p><p>If I still somehow retained any capacity to be surprised by the tone-deafness of corporate America, I imagine I’d be pretty taken aback by the news that Marriott International has <a href="http://news.marriott.com/2014/09/marriott-international-joins-the-envelope-pleasetm-a-new-initiative-created-y-maria-shriver-and-a-wo.html">joined forces</a> with a nonprofit called <a href="http://awomansnation.org/">A Woman’s Nation</a> to launch The Envelope Please, a campaign to encourage hotel guests to leave “tips and notes of thanks for hotel room attendants” in envelopes that Marriott will graciously provide. (You can contribute to Marriott’s marketing budget – sorry, I meant “donate to A Woman’s Nation”! – <a href="http://awomansnation.org/donate/">here</a>.) </p><p>As <a href="http://nymag.com/daily/intelligencer/2014/09/should-you-tip-your-hotel-maid.html">New York magazine’s Annie Lowery</a> and <a href="http://www.npr.org/blogs/thetwo-way/2014/09/16/348961485/marriott-s-new-envelopes-for-room-tips-stirs-debate">others have pointed out</a>, tipping is a terrible way to try to improve the lot of hotel housekeepers, whose work is <a href="http://www.hotelworkersrising.org/media/fact_sheet_housekeepers_are_getting_hurt.pdf">stressful, debilitating</a>, unseen and badly paid. On the one hand, tipping is <a href="http://www.marketwatch.com/story/tipping-doesnt-reward-good-behavior-1301325538049">basically useless</a> as a way of encouraging good work; on the other hand, it’s incredibly useful as an excuse for employers to avoid raising wages. In the words of the National Review – and how often does one quote the National Review approvingly when not under the influence of massive quantities of hallucinogenic drugs? – <a href="http://www.nationalreview.com/corner/388139/how-about-just-paying-them-more-mark-krikorian">“how about just paying them more?”</a> </p> <a href="http://www.theguardian.com/commentisfree/oliver-burkeman-column/2014/sep/17/corporate-guilt-gratitude-marriott-tipping">Continue reading...</a>HotelsPsychologyServices sectorSocietyWed, 17 Sep 2014 17:34:08 GMThttp://www.theguardian.com/commentisfree/oliver-burkeman-column/2014/sep/17/corporate-guilt-gratitude-marriott-tippingPhotograph: Pelle Sten / Flickr via Creative CommonsThe more you feel guilted into demonstrating gratitude, the less it makes sense to call it gratitude at all. Photograph: <a href="https://www.flickr.com/photos/pellesten/">Pelle Sten</a> / <a href="https://www.flickr.com/photos/pellesten/8287712310">Flickr</a> via <a href="https://creativecommons.org/licenses/by/2.0/">Creative Commons</a>Photograph: Pelle Sten / Flickr via Creative CommonsThe more you feel guilted into demonstrating gratitude, the less it makes sense to call it gratitude at all. Photograph: <a href="https://www.flickr.com/photos/pellesten/">Pelle Sten</a> / <a href="https://www.flickr.com/photos/pellesten/8287712310">Flickr</a> via <a href="https://creativecommons.org/licenses/by/2.0/">Creative Commons</a>Oliver Burkeman2014-09-17T17:34:08ZManufacturing and finance job losses blamed for falling real-term wageshttp://www.theguardian.com/money/2014/sep/04/manufacturing-finance-job-losses-blamed-falling-real-term-wages
Long-term decline in factory vacancies and rise in jobs such as barista has kept average wage growth below inflation, says IDS<p>Average wages have been dragged down in real terms partly by a deep shift in the labour market as high-paying jobs in manufacturing and finance disappear to be replaced by low-paid roles in the service industry, according to a new report.</p><p>Even though employers are paying wage rises that keep up with inflation, the long-term decline of vacancies in factories and the rising numbers of jobs such as baristas and internet warehouse staff has kept average pay growth below the level of inflation, said the report by Incomes Data Services (IDS) for the TUC.</p> <a href="http://www.theguardian.com/money/2014/sep/04/manufacturing-finance-job-losses-blamed-falling-real-term-wages">Continue reading...</a>PayTUCEconomic recoveryServices sectorManufacturing sectorFinancial sectorFamily financesMoneyEconomicsBusinessUK newsTrade unionsPoliticsWork & careersThu, 04 Sep 2014 16:14:06 GMThttp://www.theguardian.com/money/2014/sep/04/manufacturing-finance-job-losses-blamed-falling-real-term-wagesFrances M Roberts/AlamyA barista. Low-paying sectors have been creating far more jobs than high-paying ones such as finance, which has shed jobs over the last five years. Photograph: Frances M Roberts/AlamyFrances M Roberts/AlamyA barista. Low-paying sectors have been creating far more jobs than high-paying ones such as finance, which has shed jobs over the last five years. Photograph: Frances M Roberts/AlamyPhillip Inman, economics correspondent2014-09-04T16:14:06ZUK services growth accelerates to 10-month highhttp://www.theguardian.com/business/2014/sep/03/uk-services-growth-accelerates-10-month-high
Growth underpinned by sharp gains in new business and predictions that clients want to increase spending but business confidence drops<p>Growth in Britain's booming services sector accelerated to a 10-month high in August as output and new orders maintained a run of expansion stretching back almost two years.</p><p>The Markit/CIPS purchasing managers index (PMI) jumped from an already high 59.1 to 60.5, which was the sharpest monthly improvement in activity since October 2013. The business activity index, which indicates expansion with a figure of more than 50, has shown growth for the last 20 months.</p> <a href="http://www.theguardian.com/business/2014/sep/03/uk-services-growth-accelerates-10-month-high">Continue reading...</a>Services sectorEconomic growth (GDP)BusinessEconomic recoveryEconomicsWed, 03 Sep 2014 09:56:03 GMThttp://www.theguardian.com/business/2014/sep/03/uk-services-growth-accelerates-10-month-highJohn Stillwell/PAUK services, such as bars and restaurants, are booming. Photograph: John Stillwell/PAJohn Stillwell/PAUK services, such as bars and restaurants, are booming. Photograph: John Stillwell/PAPhillip Inman, economics correspondent2014-09-03T09:56:03Z